2022 Q3 Form 10-Q Financial Statement

#000095017022016942 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $1.878M $3.858M $2.171M
YoY Change -20.96% 174.59% -69.55%
Cost Of Revenue $1.344M $3.447M $1.954M
YoY Change -20.61% 117.2% 261.85%
Gross Profit $534.0K $411.0K $217.0K
YoY Change -21.82% -325.82% -96.71%
Gross Profit Margin 28.43% 10.65% 10.0%
Selling, General & Admin $4.835M $4.652M $5.404M
YoY Change -23.4% -26.97% 13.05%
% of Gross Profit 905.43% 1131.87% 2490.32%
Research & Development $255.0K $359.0K $495.0K
YoY Change -75.43% -68.26% -74.74%
% of Gross Profit 47.75% 87.35% 228.11%
Depreciation & Amortization $90.00K $141.0K $209.0K
YoY Change -70.39% -48.16% -19.62%
% of Gross Profit 16.85% 34.31% 96.31%
Operating Expenses $5.090M $5.011M $4.510M
YoY Change -54.1% -44.86% -32.99%
Operating Profit -$4.580M -$3.783M -$4.293M
YoY Change -47.43% -50.76% 2966.43%
Interest Expense $1.975M $30.00K $4.348M
YoY Change 13066.67% 2900.0% 1178.82%
% of Operating Profit
Other Income/Expense, Net $43.00K -$44.00K -$100.0K
YoY Change -714.29% -101.59% -115.15%
Pretax Income -$2.876M -$3.797M -$9.556M
YoY Change 1.45% -29.97% -212.82%
Income Tax $1.000K $0.00 $1.000K
% Of Pretax Income
Net Earnings -$2.867M -$3.777M -$9.282M
YoY Change 31.82% -28.21% -204.29%
Net Earnings / Revenue -152.66% -97.9% -427.54%
Basic Earnings Per Share -$0.12 -$0.17
Diluted Earnings Per Share -$0.12 -$0.17 -$418.2K
COMMON SHARES
Basic Shares Outstanding 22.19M 22.19M 22.18M
Diluted Shares Outstanding 24.55M 22.19M

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.72M $21.23M $28.69M
YoY Change -36.05% -51.72% 11.75%
Cash & Equivalents $22.70M $21.20M $28.69M
Short-Term Investments $0.00
Other Short-Term Assets $1.244M $1.695M $900.0K
YoY Change -11.65% -10.55% 11.11%
Inventory $3.342M $3.275M $4.433M
Prepaid Expenses
Receivables $2.726M $3.854M $1.370M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $30.03M $30.06M $35.39M
YoY Change -31.49% -40.97% 11.65%
LONG-TERM ASSETS
Property, Plant & Equipment $848.0K $954.0K $2.291M
YoY Change -67.81% -74.49% -35.26%
Goodwill
YoY Change
Intangibles $373.0K $386.0K $484.0K
YoY Change -90.45% -90.51% 30.81%
Long-Term Investments
YoY Change
Other Assets $165.0K $166.0K $180.0K
YoY Change -9.34% -5.68% 682.61%
Total Long-Term Assets $4.443M $4.950M $8.530M
YoY Change -71.14% -75.1% -45.5%
TOTAL ASSETS
Total Short-Term Assets $30.03M $30.06M $35.39M
Total Long-Term Assets $4.443M $4.950M $8.530M
Total Assets $34.47M $35.01M $43.92M
YoY Change -41.79% -50.55% -7.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.00K $83.00K $64.00K
YoY Change -7.84% 151.52% -20.0%
Accrued Expenses $986.0K $994.0K $1.074M
YoY Change -13.05% 3.33% 49.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Total Short-Term Liabilities $4.051M $4.740M $5.040M
YoY Change -37.57% -38.05% -20.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $2.000M $2.000M $2.070M
YoY Change -6.54% -6.54% -9.21%
Total Long-Term Liabilities $2.000M $2.000M $2.070M
YoY Change -9.83% -10.19% -52.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.051M $4.740M $5.040M
Total Long-Term Liabilities $2.000M $2.000M $2.070M
Total Liabilities $9.455M $8.240M $12.72M
YoY Change -50.25% -70.7% -32.32%
SHAREHOLDERS EQUITY
Retained Earnings -$253.6M -$250.7M -$226.5M
YoY Change 16.76% 16.6% 6.92%
Common Stock $278.7M $277.6M $257.6M
YoY Change 8.41% 8.13% 7.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.07M $26.81M $31.09M
YoY Change
Total Liabilities & Shareholders Equity $34.47M $35.01M $43.92M
YoY Change -41.79% -50.55% -7.24%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income -$2.867M -$3.777M -$9.282M
YoY Change 31.82% -28.21% -204.29%
Depreciation, Depletion And Amortization $90.00K $141.0K $209.0K
YoY Change -70.39% -48.16% -19.62%
Cash From Operating Activities -$3.371M -$3.365M -$6.660M
YoY Change -59.23% -45.99% -1.33%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$6.000K -$88.00K
YoY Change -100.0% -97.31% -70.67%
Acquisitions
YoY Change
Other Investing Activities $341.0K $54.00K $18.00K
YoY Change 16950.0% -99.69% -99.43%
Cash From Investing Activities $341.0K $48.00K -$70.00K
YoY Change -267.16% -99.72% -102.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.515M 0.000 -114.0K
YoY Change 21400.0% -100.0% -101.47%
NET CHANGE
Cash From Operating Activities -3.371M -3.365M -6.660M
Cash From Investing Activities 341.0K 48.00K -70.00K
Cash From Financing Activities 4.515M 0.000 -114.0K
Net Change In Cash 1.485M -3.317M -6.844M
YoY Change -117.57% -129.79% -278.23%
FREE CASH FLOW
Cash From Operating Activities -$3.371M -$3.365M -$6.660M
Capital Expenditures $0.00 -$6.000K -$88.00K
Free Cash Flow -$3.371M -$3.359M -$6.572M
YoY Change -58.19% -44.08% 1.89%

Facts In Submission

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2002
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us-gaap Lessee Operating Lease Option To Extend
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Some leases (the Davis office, a warehouse, and a copy machine) include one or more options to renew, with renewal terms that can extend the lease term from one to six years.
us-gaap Lessee Operating Lease Existence Of Option To Extend
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us-gaap Registration Payment Arrangement Term
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On May 11, 2018, the Company filed a shelf Registration Statement on Form S-3 with the SEC which was declared effective on June 8, 2018 (“Shelf Registration Statement”). This shelf registration process allows the Company to sell any combination of common stock, preferred stock, warrants and units consisting of such securities in one or more offerings from time to time having aggregate offering prices of up to $50 million. This registration statement may no longer be used after June 8, 2021, the three-year anniversary of its effective date.
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6.76
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1400000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
323000
us-gaap Share Based Compensation
ShareBasedCompensation
583000
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
356000
us-gaap Share Based Compensation
ShareBasedCompensation
681000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0001
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13633660
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13251156
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13633660
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13251156
CY2020Q2 rkda Number Of Lease Amendments
NumberOfLeaseAmendments
2
us-gaap Operating Lease Payments
OperatingLeasePayments
0
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
0
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
6000
us-gaap Operating Lease Payments
OperatingLeasePayments
42000

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